published: January 9, 2017
VANCOUVER, BC – Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) announced today that Mariano Costamagna has stepped down from the Board of Directors while continuing in his ambassador role with the company. Mariano Costamagna was Fuel Systems’ chief executive officer from January 2005 to May 2016. Upon the closing of the merger, he joined the Board of Westport Fuel Systems and began his role as ambassador, both effective June 1, 2016.
“I would like to thank Mariano Costamagna for his guidance and expertise while serving on the Board during the initial transition period and integration of two alternative fuel system market leaders,” said Warren Baker, Chairman of the Board. “With over 30 years of experience in the alternative fuels industry, we are glad to have his continued support through his role as ambassador, reporting directly to the Chief Executive Officer,” he added.
Mr. Costamagna’s Board resignation is effective from today, Monday, January 9, 2017.
The Westport Fuel Systems eight-person board currently consists of: Warren J. Baker (non-executive chairman), Nancy Gougarty (Chief Executive Officer), Brenda J. Eprile, Anthony Harris, Colin S. Johnston, Scott Mackie, Rodney Nunn, and Peter Yu.
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Early Termination of Debenture Tender Offer and Cancellation of Meeting of Debentureholders
Enhanced Liquidity and Continued Execution on Stated Goals
To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call on Monday, August 14, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).
Westport Fuel Systems Inc. announced today the exercise of the underwriters' option from its previously announced offering to purchase an additional 2,425,000 common shares at the Offering price of US$1.50 per share. With the exercise of the option, Westport issued a total of 19,125,000 common shares under the offering for gross proceeds of US$28,687,500.
Westport Fuel Systems Inc. announced today the closing of its previously announced offering of 16,700,000 common shares at a price of US$1.50 per share, for gross proceeds of US$25,050,000.